MediaAlpha (NYSE:MAX) Shares Gap Down to $14.29

MediaAlpha, Inc. (NYSE:MAX) gapped down prior to trading on Wednesday . The stock had previously closed at $14.29, but opened at $13.78. MediaAlpha shares last traded at $13.41, with a volume of 395,734 shares.

Wall Street Analyst Weigh In

MAX has been the topic of a number of recent analyst reports. Canaccord Genuity Group increased their price objective on MediaAlpha from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. TD Cowen downgraded MediaAlpha from a “buy” rating to a “hold” rating and decreased their price target for the company from $19.00 to $13.00 in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Royal Bank of Canada lifted their target price on shares of MediaAlpha from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $25.00 target price (up previously from $19.00) on shares of MediaAlpha in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.43.

MediaAlpha Stock Down 7.6 %

The firm has a 50 day simple moving average of $18.49 and a two-hundred day simple moving average of $16.58.

MediaAlpha (NYSE:MAX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. The business had revenue of $126.60 million for the quarter, compared to analyst estimates of $111.17 million. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. Equities research analysts expect that MediaAlpha, Inc. will post -0.09 EPS for the current fiscal year.

Insider Activity

In other MediaAlpha news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of MediaAlpha stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $19.00, for a total value of $95,003,800.00. Following the completion of the sale, the insider now directly owns 17,856,614 shares in the company, valued at $339,275,666. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of MediaAlpha stock in a transaction on Friday, May 10th. The shares were sold at an average price of $19.00, for a total transaction of $49,206,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the transaction, the insider now directly owns 17,856,614 shares in the company, valued at approximately $339,275,666. The disclosure for this sale can be found here. Corporate insiders own 11.53% of the company’s stock.

Institutional Trading of MediaAlpha

Several large investors have recently bought and sold shares of the company. Swiss National Bank boosted its holdings in MediaAlpha by 4.6% in the third quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $375,000 after purchasing an additional 2,000 shares during the last quarter. Hsbc Holdings PLC bought a new stake in MediaAlpha during the third quarter valued at approximately $172,000. Mariner LLC increased its holdings in MediaAlpha by 449.2% during the third quarter. Mariner LLC now owns 76,060 shares of the company’s stock valued at $628,000 after buying an additional 62,210 shares during the last quarter. Baker Tilly Wealth Management LLC raised its position in MediaAlpha by 13.7% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock worth $154,000 after acquiring an additional 1,660 shares during the period. Finally, Portside Wealth Group LLC boosted its stake in shares of MediaAlpha by 9.1% during the 4th quarter. Portside Wealth Group LLC now owns 18,755 shares of the company’s stock worth $209,000 after acquiring an additional 1,567 shares during the last quarter. 64.39% of the stock is owned by institutional investors.

About MediaAlpha

MediaAlpha, Inc, through its subsidiaries, operates an insurance customer acquisition platform in the United States. It optimizes customer acquisition in various verticals of property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California.